Bank of America has recently unveiled an intelligent
transaction search tool with integrated investigation capabilities on its
CashPro platform. This innovative feature is designed to simplify and
streamline the financial management processes for corporate finance
departments, treasurers, and CFOs, delivering the same level of convenience and
efficiency that individuals experience with personal finance tools.
Enhancing Financial
Management
CashPro, utilized by over 40,000 companies globally, manages
a wide array of financial transactions including payments, deposits, loans, and
trade finance activities. The new search tool, developed based on client
feedback, is part of the broader CashPro Data Intelligence suite. This suite
provides powerful tools that offer detailed insights into a company’s treasury
operations, improving overall financial management.
The intelligent transaction search tool
significantly reduces the time required to find and analyze transactions.
According to Christian Stolcke, head of Financial Institutions, NBFIs, and
Governments in Global Payments Solutions at Bank of America, “CashPro
Search is a major time saver for our clients who’ve used it 7 million times
since it was initially deployed.” This tool can quickly search across
multiple accounts and applications, providing comprehensive visibility into
transactions, including details such as payment status, incoming and outgoing
messages, Swift GPI tracking details, and images.
Integrated Investigation Capabilities
One of the standout features of the new search
tool is its integrated investigation capabilities. Clients can now initiate
transaction inquiries directly from the CashPro platform to validate payment
statuses or details. These inquiries cover a range of transaction types,
including domestic and international wires, Automated Clearing House (ACH)
payments, real-time payments, and incoming FX credit transactions or loan
proceeds. The data from these inquiries is automatically routed to the service
team for resolution, allowing clients to track the progress and receive
real-time updates.
Abbey Novack, CashPro
Product Executive in Global Payments Solutions at Bank of America, highlighted
the benefits of these capabilities, noting, “We’ve significantly
streamlined service requests so that rather than picking up the phone or
having to send an email, a client can directly initiate and track their request
within CashPro.” This streamlining reduces the administrative burden on
clients, allowing them to focus on more strategic financial tasks.
A Broader Suite of
Tools
The intelligent transaction search tool is a
part of CashPro’s broader suite of tools aimed at enhancing financial
operations. Since its launch in September 2023, CashPro Chat, enabled by Bank
of America’s Erica AI technology, has seen significant engagement from clients,
with over 40% using the virtual assistant for quick access to account
information and navigation assistance. Additionally, CashPro Insights, launched
in January 2024, analyzes company data flowing through the platform to generate
insights on how users can improve their operations and processes. The Security
Insight feature, for instance, measures the robustness of a user’s security
controls.
CashPro Supply Chain
Solutions, another component of the platform, offers digitization benefits with
improved process efficiency and working capital optimization. The first module,
Open Account Automation, launched in September 2023, addresses common global
trade processes such as invoice approval and payment.
A Commitment to Innovation
Bank of America’s introduction of these advanced
tools on the CashPro platform underscores its commitment to innovation and
client-centric solutions. The platform, which has garnered numerous patents,
combines ease of use with broad, integrated functionality, making it a leader
in the financial technology space. By continuously evolving its offerings based
on client feedback, Bank of America ensures that CashPro remains a vital tool
for businesses looking to enhance their financial operations and maintain a
competitive edge in the marketplace.
Bank of America has recently unveiled an intelligent
transaction search tool with integrated investigation capabilities on its
CashPro platform. This innovative feature is designed to simplify and
streamline the financial management processes for corporate finance
departments, treasurers, and CFOs, delivering the same level of convenience and
efficiency that individuals experience with personal finance tools.
Enhancing Financial
Management
CashPro, utilized by over 40,000 companies globally, manages
a wide array of financial transactions including payments, deposits, loans, and
trade finance activities. The new search tool, developed based on client
feedback, is part of the broader CashPro Data Intelligence suite. This suite
provides powerful tools that offer detailed insights into a company’s treasury
operations, improving overall financial management.
The intelligent transaction search tool
significantly reduces the time required to find and analyze transactions.
According to Christian Stolcke, head of Financial Institutions, NBFIs, and
Governments in Global Payments Solutions at Bank of America, “CashPro
Search is a major time saver for our clients who’ve used it 7 million times
since it was initially deployed.” This tool can quickly search across
multiple accounts and applications, providing comprehensive visibility into
transactions, including details such as payment status, incoming and outgoing
messages, Swift GPI tracking details, and images.
Integrated Investigation Capabilities
One of the standout features of the new search
tool is its integrated investigation capabilities. Clients can now initiate
transaction inquiries directly from the CashPro platform to validate payment
statuses or details. These inquiries cover a range of transaction types,
including domestic and international wires, Automated Clearing House (ACH)
payments, real-time payments, and incoming FX credit transactions or loan
proceeds. The data from these inquiries is automatically routed to the service
team for resolution, allowing clients to track the progress and receive
real-time updates.
Abbey Novack, CashPro
Product Executive in Global Payments Solutions at Bank of America, highlighted
the benefits of these capabilities, noting, “We’ve significantly
streamlined service requests so that rather than picking up the phone or
having to send an email, a client can directly initiate and track their request
within CashPro.” This streamlining reduces the administrative burden on
clients, allowing them to focus on more strategic financial tasks.
A Broader Suite of
Tools
The intelligent transaction search tool is a
part of CashPro’s broader suite of tools aimed at enhancing financial
operations. Since its launch in September 2023, CashPro Chat, enabled by Bank
of America’s Erica AI technology, has seen significant engagement from clients,
with over 40% using the virtual assistant for quick access to account
information and navigation assistance. Additionally, CashPro Insights, launched
in January 2024, analyzes company data flowing through the platform to generate
insights on how users can improve their operations and processes. The Security
Insight feature, for instance, measures the robustness of a user’s security
controls.
CashPro Supply Chain
Solutions, another component of the platform, offers digitization benefits with
improved process efficiency and working capital optimization. The first module,
Open Account Automation, launched in September 2023, addresses common global
trade processes such as invoice approval and payment.
A Commitment to Innovation
Bank of America’s introduction of these advanced
tools on the CashPro platform underscores its commitment to innovation and
client-centric solutions. The platform, which has garnered numerous patents,
combines ease of use with broad, integrated functionality, making it a leader
in the financial technology space. By continuously evolving its offerings based
on client feedback, Bank of America ensures that CashPro remains a vital tool
for businesses looking to enhance their financial operations and maintain a
competitive edge in the marketplace.
